Manhattan Office Rents Show Positive Signs in Third Quarter Report

Colliers International published their Manhattan 3rd quarter Office Market Report recently.  The report indicates that leasing activity between January and September reached levels not seen since 2002.  Also year to date activity has already surpassed 2008-2012 levels.

The robust job market has precipitated the growth in the office market sector.  Specifically from August 2017 to August 2018, New York City added 74,200 new private sector jobs which was a 1.9% increase.  Also, unemployment has dropped 0.8% within the year as well.  Manhattan leasing was showing significant health as it has shown a 4 year high.  Leasing increased 20.1% from the 3rd quarter of 2017 and 25.4% over Manhattan's 5 year historical average and 48.5% over the 10 year average.  Quarterly inventory remains unchanged at 10.2% for the quarter and slightly above (.4%) year over year.

The news on asking rents is even better for landlords.  The report shows that asking rents has hit an all-time quarterly record at $75.86/ sf.  The asking rents is up 2.3% from the 2nd quarter which is the largest quarterly increase in 3 years.

In an interview at Globest.com, Craig Caggiano, Colliers International’s executive director states that absorption is a great indicator of the future.  It is noted that because of new construction and relocation tenants are moving from Midtown to Hudson Yards and Downtown.  In what is considered a "home run" he states  “Those tenants leave big holes in the market.  Those spaces are coming into our availability right now and into 2019. The fact that we are able to absorb that availability because of strong, relatively stable leasing has been a very important market indicator.”

The top sub-markets for asking rents are the following:

1.  Hudson Yards/Manhattan West- $106.19 sf
2.  Plaza District- $96.28 sf
3.  Soho- $89.93 sf
4.  Midtown- $84.33 sf
5.  Greenwich Village- $82.48

The top sub-markets for leasing activity by square footage are the following:

1.  Midtown- 7,346,224
2.  Midtown South- 3,088,334
3.  Plaza District- 2,810,959
4.  Grand Central- 2,379,560
5.  Times Square- 1,654,621

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/manhattan-office-rents-show-positive-signs-in-third-quarter-report/

PropertyShark Report for 2nd Quarter Shows TriBeca Remain As NYC's Most Priciest Neighborhood, Queens Has 2 Neighborhoods Hit $1 Million Dollar Mark

PropertyShark, an online resource provide in-depth data information for over 90 million properties nationwide produced their 2nd quarter of 2018 report of the 50 most priciest neighborhoods in New York City.  The report indicates that although there was a 26% year over year drop, Tribeca remained as the most priciest neighborhood in New York City.  Also around the city, Queens saw two neighborhoods hit the #1 million dollar mark and Homecrest in Brooklyn saw the most significant change in the median price change in the top 50 most priciest neighborhoods.  Manhattan had 9 out of the top 10 priciest neighborhoods throughout New York City.

In Manhattan, Tribeca is overwhelmingly the priciest neighborhood in the city with median sales prices for the quarter at $3,812,500.  As states prices dropped 26% year over year with a total of 62 transactions for the quarter.  SoHo remained at #2 with pricing at $2,925,00 which was an increase of 17% with 27 transactions.  The highest quantity of transactions in the top 50 were also in Manhattan.  The Upper East Side is tops on the list with 600 transactions followed by the Upper West Side with 579.

In Brooklyn there are two significant takeaways from the report.  The first is DUMBO is the most priciest neighborhood in all of Brooklyn and #3 overall in the city.  DUMBO saw prices increase 37% to a median sales price of $2,512,500.  There were 16 transactions overall in the neighborhood.  The second significant takeaway was in Homecrest Brooklyn.  For those unfamiliar, Homecrest is a neighborhood in Sheepshead Bay.  The borders are Kings Highway to the north, Avenue X to the south, Coney Island Avenue to the west, and Ocean Avenue to the east. Homecrest, the #45 most priciest neighborhood saw an overall increase of 80% to a price of $725,000 on 25 transactions.

Queens saw 2 neighborhoods hit the $1 million dollar mark.  Belle Harbor became the #16 most priciest neighborhood.  Belle Harbor saw an increase in price of 40% with median prices at $1,180,000 on 5 transactions.  Hunters Point came in at #25 on 49 transactions and a median price of $1,000,000.  Other significant neighborhoods coming in the top 50 in Queens were #34 tie East Flushing ($880,000.00), #34 tie ($880,000.00), #37 Auburndale ($856,500.00) and #38 Hollis Hills ($850,000.00).

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/propertyshark-report-for-2nd-quarter-shows-tribeca-remain-as-nycs-most-priciest-neighborhood-queens-has-2-neighborhoods-hit-1-million-dollar-mark/

Home Sales Inventory Hitting All-Time Highs Throughout New York City According To New Market Report

StreetEasy  recently released their May 2018 Market Report and it is very promising for the future.  The market report which is a monthly overview of the Manhattan, Brooklyn and Queens sales and rental markets which aggregates data from public recorded sales and listing from real estate brokerages indicates that sales inventory is hitting all-time highs.  Manhattan in particular is increases year over year that is the highest on StreetEasy's record.  The figures are promising as inventory has been hampering the sales market for some time now.  These figures will hopefully allow buyers to have a better negotiating stance going forward.

According to the report, inventory in Manhattan rose 16.7% year over year which is the highest increase ever recorded.  Queens and Brooklyn saw increases actually higher than Manhattan.  Queens saw an increase in inventory of 42.8% while Brooklyn saw a 23.4% increase.  Although there was an increase in inventory, sales prices also increased throughout the three boroughs.  Queens is seeing all-time highs in home prices as there is a 9% year over year increase to a value of $544,587 or a $45,000 increase.

 Grant Long, Senior Economist for StreetEasy states the following: “Sellers are betting on a wave of demand from the peak shopping season, but this summer’s market has turned out to be a crowded one. However, prices are high and continue to rise. More affordable homes are the hardest to find, and are sure to sell quickly. But higher-end homes, particularly those joining the market from the ongoing stream of new development, will be pressured to lower prices or linger on the market. This summer is poised to offer an excellent negotiating opportunity for buyers with big budgets.”

Here are some of the highlights of the report per borough:

"Manhattan

• Sale prices rose in all submarkets but one. The StreetEasy Manhattan Price Index increased 0.6 percent to $1,157,995. Prices rose in four of the five submarkets, led by an increase in the Upper East Side, where the median home price rose 1.9 percent to $1,038,046. Prices in Downtown Manhattan remained flat at $1,691,204.
• Inventory rose at a record pace. Sales inventory in Manhattan rose 16.7 percent year-over-year. The Upper East Side experienced the largest increase, with inventory up 20.2 percent since last year.
• Fewer rentals offered a discount. Sixteen percent of rentals in Manhattan were discounted in May, a decrease of 1.6 percentage points from last year.

Brooklyn

• Prices reached new highs in North Brooklyn. The StreetEasy North Brooklyn Price Index increased 11.1 percent to $1,229,838, a record high for the submarket despite the looming L train shutdown. Borough-wide, prices rose by just 1.1. percent since last year, to $720,555.
• Sales inventory continued to climb, except in North Brooklyn. Sales inventory in the borough reached a record high — up 23.4 percent over last year. Inventory rose the most in South Brooklyn, which saw a 44.7 percent increase over last year. North Brooklyn was the only submarket where inventory dropped, by 6.7 percent since last year.
• Rents rose in all submarkets except North Brooklyn. The StreetEasy Brooklyn Rent Index increased 1.4 percent year-over-year to $2,562. South Brooklyn experienced the largest spike: up 2.6 percent to a median rent of $1,885. North Brooklyn was the only submarket where rents stagnated, likely because of the L train shutdown starting in April 2019. Rents in the submarket remained flat at $3,062.

Queens

• Sales inventory swelled. Queens saw the largest year-over-year increase in inventory, rising 42.8 percent. All five submarkets in the borough saw a surge in inventory.
• Queens was the only borough with an increase in the share of discounted rentals. Seventeen percent of Queens rentals offered discounts: up 2.9 percentage points over last year, and the highest share of the three boroughs analyzed."

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

 http://www.blueharbourpropertymanagement.com/home-sales-inventory-hitting-all-time-highs-throughout-new-york-city-according-to-new-market-report/

REBNY Report Indicates Third Straight Quarter of Decreased Residential Real Estate Sales in NYC

The Real Estate Board of New York (REBNY) published their first quarter report for 2018.  What it indicates is that residential real estate sales is down for the third straight quarter.  For the first quarter of this year, New York City residential sales were down 16 percent.  Total value of real estate transactions for the quarter was $10.3 billion in comparison to $12.3 billion for the first quarter of 2017.  The $2 billion decrease for the first quarter of 2018 was the largest year-over-year drop recorded since the third quarter of 2009 according to REBNY.

Total residential sales consideration decreased in three of the five boroughs.  Manhattan saw the biggest decrease in sales consideration for the quarter at 30% to $4.61 billion.  This was followed by Brooklyn -12% to 2.36 billion and Staten Island -1% to $711 million.   The Bronx saw an increase in sale consideration by 16% to $436 million in the Bronx and Queens saw an increase of 7% to $2.21 billion.

For the quarter, sales volume only increased in the Bronx by 8% to 998 for the quarter.  In the other boroughs sales were down led by Manhattan being down by 20% (2,417), Brooklyn by 15% (2,466), Staten Island  by 9% (1,338) and Queens by 4% (3,650).  Overall, the average sales price of a home in New York City during the first quarter of 2018 was $951,000, a seven percent decrease from the first quarter of 2017.

On a positive note, the average sales price for a one-to-three family dwelling in New York City overall has hit an all time high.  The average sales price of a one-to-three family dwelling in New York City was $791,000 which is a two percent increase from last year’s first quarter average.  With respect to the boroughs, Queens, the Bronx, and Staten Island all registered record highs for the first quarter. The average sales price for a one-to-three family dwelling increased 6% to $717,000 in Queens, 7% to $517,000 in the Bronx, and 9% percent to $563,000 in Staten Island.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/rebny-report-indicates-third-straight-quarter-of-decreased-residential-real-estate-sales-in-nyc/

Rents Continue To Decrease Throughout The City With Queens Leading The Way After Concessions

According to a report authored by appraiser Samuel Miller, Inc. and Douglas Elliman rents continue to decrease all throughout New York City seeing the most significant decrease in Queens with an 11.7% decrease.  The decrease in rent helped leasing activity in Northwest Queens with lease-signings increasing 11% during the period.  The report which can be read in its entirety here shows that concessions are increasing in Manhattan, Brooklyn and Queens.

The report indicates that concessions in new rental transactions in Brooklyn increased from 14.7% to 51% in April.  Rent decreased in Brooklyn 2.9% to $2,686 per month. It is the 11th decrease in the last 12 months in Brooklyn.  Meanwhile in Northwest Queens concessions were up to 65.1% of all new deals.  This is up from 45.4% from the previous month year over year.  The median rent in northwest Queens was $2,646.00 per month.  The decrease is the 8th out of the last 9 months.  Northwest Queens is comprised of Long Island City, Woodside, Astoria and Sunnyside.

 Manhattan saw a slight change as well.  Concessions increased from 28.6% to 44.3% year over year.  It was the third highest recorded number since 2010.  Rents decreased altogether 2.2% to $3,236 per month.

Jonathan Miller, CEO of the appraisal firm Samuel Miller addressed the concessions hitting many of the units in the city recently.  He was quoted in TheRealDeal stating the following indicating that concessions would not be going away: “With the supply continuing to enter all these markets, it’s seemingly every month or every few months, there’s a new record set for the market share of concessions that are being offered,” he said.“With the influx of new developments continuing unabated, I think this market characteristic is going to be sticking around for a while.”

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/rents-continue-to-decrease-throughout-the-city-with-queens-leading-the-way-after-concessions/

Manhattan Continue To Lead NYC In Most Expensive Neighborhoods With Brooklyn Making Strides

PropertyShark has published their quarterly report on the most expensive neighborhoods in New York City.  The list shows the top 50 neighborhoods according the median sales price for the first quarter of 2018.   The report shows that Manhattan continues to lead the city with the most expensive neighborhoods with Brooklyn picking up steam.  Manhattan had 9 of the top 10 neighborhoods with Tribeca leading the way . The median sale prices were calculated based on residential property sales closed between January 1, 2018 and March 31, 2018. The residential properties which comprised the report were single-family homes, condos and co-ops.

In Manhattan, Tribeca led the way with a median sales price of $3,575,000 (#1 overall).  This was despite having a 30% decrease in transactions year over year.  The biggest increases were in the West Village (#3 overall) with a median sales price of $2,312,500 and an 88% increase year over year and the East Village (#9 overall) with a median sales price of $1,535,012.    The Upper East side (#15 overall) led the way in the total amount of transactions with 495 during the quarter.

Brooklyn continues to show increased value to properties as several neighborhoods have made moves on the list.  Particularly Greenpoint and Fort Greene showed tremendous increases on the list.  Fort Greene (#14 overall) led the way with a 131% year over year increase and a median price of $1,280,000.  Fort Greene (#12 overall) showed tremendous a tremendous upside as well showing an 81% increase and a median price of $1,352,182.

Queens did not have any neighborhoods hitting the 1 million dollar mark however Belle Harbor (#27 overall) came close at $995,000.  The other leading neighborhoods as to ranking and median sales price in Queens were to the south of Belle Harbor.  Queensboro Hill (#34 overall, $883,500) and Auburndale ($35 overall, $883,000) remained steady in these categories.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/manhattan-continue-to-lead-nyc-in-most-expensive-neighborhood-with-brooklyn-making-strides/

NYC Has 7 Of The Top 20 Gentrified Zip Codes In The Nationwide Leading To Increased Home Value

A new study by Rentcafe found that NYC has 7 of the top 20 gentrified zip codes in the nation.  The study looked at the 2000 Census data as well as the 2016 American Community Survey to see changes taken place in over 11,000 zip codes throughout the nation.  According to Rentcafe they study looked to three important factors to determine where gentrification was taken place.  The factors was median home value, median household income and the population holding a bachelor's or higher degree.  From there, their analysis gave an average rank based on zip code.  In the NYC area, Brooklyn led the way with 5 of the top 20 zip codes leading in gentrification.  This was followed by Manhattan with two zip codes.

Along with gentrification comes increases in home values.  According to the study the average home value in 2016 in the top 20 most gentrified zip codes was $446,730 with an average increase of  224% since 2000.  All areas in the Brooklyn zip codes (11211- Williamsburg, 11222- Bushwick, 11216- Bed-Stuy, 11237- Bushwick and 11221-Bed-Stuy/Bushwick ) saw increase in home values above 100% since 2000.  The Manhattan zip codes (10039-Washington Heights and 10026-Harlem) both saw increases well above 200% during the period.  The most interesting zip code in Manhattan according to the survey was Roosevelt Island's 10044 which saw an astronomical increase.
According to the article

"New York City dominates the top of the list, with some dizzying figures. That the median home value in New York’s 10044 (Roosevelt Island) exploded, going from just over $48K to almost $655K is just one way to put it. Proportionally, it is an astonishing 1,258% expansion rate."

The study points out that there are drawbacks to the gentrification of neighborhoods.  As we have seen in many areas in New York City, the influx of new highly educated individuals leads to displacement of long time residents of the community.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/nyc-has-7-of-the-top-20-gentrified-zip-codes-in-the-nationwide-leading-to-increased-home-value/

NYC Investment Sales Down Almost Forty Percent; Bronx Only Borough With Higher Sales

The Real Estate Board of New York (REBNY) published their Investment Sales Report for the Second Half of 2017 and it shows that real estate investment sales continue to nosedive.  Investment sales have now fallen since the first half of 2015, when New York saw $37 billion in real estate sales. Sales have fallen on every report since 2015 except one period for the second half of 2016.  The report indicates that the total monetary value for all recorded sales was $17 billion throughout the city which is a 37 percent decline compared to the second half of 2016. The total number of transactions also draw a drop of 19 percent year over year.  The only borough that saw a positive investment with respect to monies spent was the Bronx where investors spent $1.5 billion in the second half of 2017 where $1.4 billion was spent in 2016 second half.

Manhattan investment saw a considerable drop as sales decreased 40 percent to $10.1 billion in the second half of 2017 from $17.0 billion in the second half of 2016.  Also of note, transactions decreased 26 percent from 2016.  The report shows also that the average price per square foot of office properties Manhattan declined 12 percent to $823 from $930.

Brooklyn sales for the second half of 2017 dropped 27 percent to $3.2 billion from $4.4 billion in the second half of 2016. The amount of transactions decreased 18 percent to 783 in the second half of 2017 from 954 in the second half of 2016. The value of Brooklyn investment sales transactions accounted for 19 percent of NYC total sales.

Queens investment sales dropped 46 percent from the same period of the second half of 2016.  Total amount spent was $1.9 billion for the period.  There were 18 percent fewer transactions in the second half of 2017, 534 investment sales, compared to 649 in the second half of 2016.

Staten Island saw sales drop 59 percent or $203 million.  The number of transactions completed in the borough declined 30 percent to 190 compared to 273 in the second half of 2016.

Although the report didn't come out totally positive, the outlook still looks upbeat according to the President of REBNY John Banks.

 “The current demand and value of Bronx properties, as seen in our most recent New York City Residential Sales Report, carried over to investment property trades in the second half of 2017.  While the pace of completed transactions lagged citywide in 2017, investors continue to show interest in income-producing properties across the five boroughs.”

 Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/nyc-investment-sales-down-almost-forty-percent-bronx-only-borough-with-higher-sales/

Manhattan Rents Decrease The Most Since 2011 As Concessions Deemed Not Enough

A new report by Bloomberg indicates that Manhattan median rents has been reduced 3.6% for the same time last year as the glut of inventory in Manhattan as well as more affordable units in neighboring boroughs have affected prices.  Median rents came in at $3,141 per unit according to Bloomberg and the decline is the biggest since October of 2011.  Concessions on newly signed leases increased to 49% of all signed for the period.  Concessions that many NYC property management companies and landlords have been using are free months of rent, free gym memberships, gift cards as well as landlord's picking up broker's fees.

The trend in residential units in Manhattan is beginning to catch up to the trend that has already been seen in the commercial sector.  Commercial landlords have increasingly within the last two years given increasing perks and have negotiated shorter lengths of leases in order to lure tenants.  Retail has been the most hit with rents being reduced by as much as 30%.

The vast amount of inventory seems to be the main factor in decreasing rents.  A report compiled by Citi Habitats shows that around 5,630 newly built apartments will be introduced to the market this year.  This is above the amount that entered in 2017 which was calculated to be 4,270 units.

Some also believe that neighboring boroughs and cities have affected Manhattan rents as well. Gary Malin, president of Citi Habitats says to Bloomberg “The dynamic has shifted,” with Brooklyn, Queens and the New Jersey waterfront becoming viable options to many renters.  Tenants are looking for value, and they’re open to suggestions.”

Although rents have decreased in Manhattan, it certainly not affected sales prices.  A new report by City Realty indicates that prices are still rising.  According to the report, the average sales price in Manhattan increased 15% to $2.3 million for December 2017.  Sales volume also increased roughly 8% from the month previous month as there was 884 transactions recorded in December.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/manhattan-rents-decrease-since-2011-concessions-deemed-not-enough/

Queens Housing Sales Outpaces Brooklyn and Manhattan; Rents Remain Cool

A new report published by StreetEasy indicates that Queens housing sales remained competitive in comparison to Manhattan and Brooklyn.  According to the August 2017 Market Reports, sales in Queens were completed 6 days faster year over year.  Homes in the borough spent a median of 53 days in the market.  In 2016 houses spent a median of 59 days.  The report also indicates that the median resale price in Queens increased by 7.4 percent to $503,864. The fastest pace was in the Rockaways which increased at the fastest pace at 15.6 percent.

The report indicates that Manhattan and Brooklyn properties did not fare as well as Queens.  Properties in these boroughs stayed on the market significantly longer than the same period last year.   Manhattan properties spent 14 days more in the market to 84 days.  Brooklyn properties also remained on the market but for less time at 68 days or 8 days more than in 2016.  According to Senior Economist Grant Long at StreetEasy :

“The glut of luxury housing in Manhattan and Brooklyn has been a key driver of the slower-moving markets in those areas.  More affordable housing options are still limited and as a result, New Yorkers are increasingly turning to Queens for the best deals, causing home prices and competition there to spike.”

Of significance NYC property management companies are rents fluctuations in the boroughs.  In Manhattan, median asking rents rose 0.6 percent from August 2016 to $2,992.  Fastest rent growths were in Upper Manhattan.  As for Brooklyn asking rents rose 1.1 percent to $2,459.  Rents are up 1.4 percent year over year however according to StreetEasy "Despite Queens rents rising more than those in Manhattan and Brooklyn, its pace of price growth was the slowest on record: up 1.4 percent year-over-year to $1,998."

If you are purchasing a property and are in need of a NYC property management company then contact Blue Harbour Property Management.  We are a full-service NYC residential property management company servicing Queens, Brooklyn, Manhattan and the Bronx.

http://www.blueharbourpropertymanagement.com/queens-housing-sales-outpaces-brooklyn-manhattan-rents-remain-cool/

City Council Enacts New Law To Prevent Gas Leak Injuries

The City Council of New York City passed Local Law No. 153 in November 2016 and it was signed by the Mayor in December.  The law is finally in effect and it will effect landlords and NYC property management companies going forward.  Specifically the law says as follows:

"The owner of a dwelling shall deliver or cause to be delivered to each tenant and
prospective tenant of such dwelling, along with the lease or lease renewal form for such tenant or prospective tenant, and shall post and maintain in a common area of the building containing such dwelling, a notice, in a form developed or approved by the department, regarding the procedures that should be followed when a gas leak is suspected. Such notice may be combined with any existing required notices and shall instruct tenants to first call 911 and then call the relevant gas service provider, whose name and emergency phone number shall be set forth on such notice, before contacting such owner or an agent thereof when a gas leak is suspected."

 The law is a direct response to the deadly gas explosion that took place in the East Village in 2015.  The explosion located at 121 Second Avenue occurred as a result of an illegal tap into a gas main.  The buildings adjacent to the explosion was completely destroyed between Second Avenue and St. Mark's Place.  Two people died and nineteen people were injured as well.  Eventually, the District Attorney's Office for Manhattan announced the indictment and arrest of five people in connection with the explosion.  Parties involved were the building owner, her son, the licensed plumber who subcontracted to an unlicensed plumber, the unlicensed plumber and an additional contractor.  They were charged with several charges, the most agregious being manslaughter and negligent homicide.
In order to comply with the new law, managing agents should post a sign in the hallway of the building. A sample of the sign you can read here.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/city-council-enacts-new-law-to-prevent-gas-leak-injuries/

Maximizing Your Returns During Peak Rental Season in NYC

In the property management industry, we know that the period between April and September is the peak season for rentals in NYC.  This is the time when renters, home owners and first-time home shoppers decide to make the transition to their next home. It’s is estimated that between roughly 78% of all moves happen during this period with the highest number of moves in June, July and August.

In that same period of time, roughly 30% of individuals decided to forego renewing their lease and look to new housing.  With so many people moving during this period it become critical that property managers in NYC become aggressive in advocating on behalf of your landlords and look for the best tenants available. Property managers should focus on turnover during this peak season in order to get the best quality tenants and increase rents if the market allows in your neighborhood.

During the peak rental season the market is at its highest point with respect to prospects looking for a new place to call home. This means you can ask for a slightly higher rent amount than you would in the off season. In addition to setting a higher standard for tenants, you can also set the rent slightly higher and still have a plethora of prospects who are willing to pay a bit more for their ideal home. Even in New York City’s feverish market, we can push rents a little further during this peak period.

As a seasoned real estate practitioner, property manager or landlord in New York City, you want your property to come available for rent April through September. The best way to ensure that this happens is to negotiate with your tenants for the lease to end during the peak rental period.  It can be advantageous on your end to sign a longer lease or shorter depending on when you are signing in order to gain the peak season for renters.

At Blue Harbour Property Management, we have helped many landlords maximize their rental revenues by using techniques such as using the peak season for the signing of leases.  This has become more important as rents have vacillated in Brooklyn, Manhattan and Queens for the last 18 months.

If you need assistance with the management with your property in the NYC region or would like additional information on what services we provide you can contact us at anytime at 718-843-1185.  We are a leader of small and medium sized properties in the New York City region.

http://www.blueharbourpropertymanagement.com/maximizing-returns-peak-rental-season-nyc/

Visit us at www.blueharbourpropertymanagement.com

Manhattan Real Estate Sales Shows Signs of Life

According to the Wall Street Journal, sales in Manhattan was the second strongest since 2008 and only 4% below last year's total for the same quarter.  The latest data, which was discerned by Wall Street Journal's analysis of public records confirm earlier reports of a rebound based on increases in new contracts signed so far this year. Since many co-op and condo transactions take months to be finalized, the closing data suggest the market began strengthening toward the end of 2016.

According to the article which you can read here, brokers and analysts said the recovery reflected renewed optimism by buyers after the stock market surged following the November presidential election. A spate of price cuts by sellers, as well as buyers’ eagerness to lock in before interest rates rose further also were factors it has been reported.

The median apartment price was $1.13 million, off less than 1% from record high prices in the first quarter of 2016 but above levels in the last three quarters. The median condo price was $1.73 million, down 3.4% from a year ago. The median co-op price of $772,500 was up slightly from the $770,000 median in the same quarter of 2016.

In total prices have remained high as a result of less of an inventory. Manhattan inventory was down 7 percent from February 2016 to last month, with Harlem, Washington Heights and other northern neighborhoods driving the decline with 23.4 percent fewer homes during that time period.  Manhattan is doing better on the rental side in February as median rents remained at $3,199, which is down only 0.3 percent year-on-year.

Expect a decrease in sales prices as more units hit the market.  There are many developments in the process of being completed and once they hit the market buyers will have more opportunities to obtain a bargain.

http://www.blueharbourpropertymanagement.com/manhattan-real-estate-sales-shows-signs-life/

www.blueharbourpropertymanagement.com

Slowdown underway with Manhattan Real Estate Sales Prices. Buyers finding more Bargains

In a decline that the industry has no doubt seen coming, Manhattan resale home prices have declined the most in the last four years.  According to a Bloomberg article, the median price of previously owned condominiums and co-ops fell 6.3 percent in the fourth quarter from a year earlier to $900,000.  It was the first annual decline in this sector since the beginning of 2015, and the biggest since the third quarter of 2012.  Resales dropped 8.1% in that quarter.

This is a growing sign that sellers have diminished expectations for the quick sale and there will be a growing need for correctly pricing inventory to market needs.  The days of overpricing seem to be of the past as the number of resales has been dropping for the previous five quarters and buyers are are reluctant to invest in the more costly listings.

Corcoran Group reported that all completed sales, including previously owned and newly built homes, dropped 15 percent from a year earlier to 3,104. Signed contracts also slid 15 percent. Downtown Manhattan, below 34th Street through Tribeca, was an exception. Sales in that area climbed 11 percent to 983. Inventory jumped 33 percent to 1,826 listings, according to the brokerage.  Also, previously owned properties that sold in the period spent an average of 80 days on the market, up from 71 days a year earlier. It has also been reported that Manhattan resale deals totaled 2,385 which is a decline of 1.5 percent.

Property management companies in Manhattan will have to invest more time in making sure accommodations and customer service are of value benefit as an additional incentive to buyers.  It will assist sellers in an accurate pricing method when sitting down with realtors and potential purchasers when the time is right.

http://www.blueharbourpropertymanagement.com/slowdown-underway-manhattan-real-estate-sales-prices-buyers-finding-bargains/

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Home Sales expected to Expand Moderately in 2017 According to NAR. Buyer Enthusiasm Restrained

Home sales will expand moderately in 2017 amid consumer confidence abated by increased mortgage rates and affordability concerns.  According to the National Association of Realtors Housing Opportunity and Marketing Experience (H.O.M.E) survey, 57% of renters said that now is a good time to purchase a house.  Among present homeowner, 78% said presently it is a good time to purchase.  Both figures are below the last survey performed last year.  In 2015, tenant's confidence to purchase was at 68% while existing homeowners were at 82%.

The 2017 Housing Forecast Update which you can review here, is predicting that existing home sales will close out 2016 with an annual increase of 3.3% and reach about 5.42 million.  This will be the best year recorded since 2006.   NAR is also predicting that in 2017 existing home sales will increase slightly less at 2% to around 5.52 million. Home prices will continue to rise, increasing 5% this year and 4% in 2017, according to their predictions.  The forecast also predicts that interest rates will increase to 4.6% and the Federal reserve will raise rates to 1.25%.

NAR Chief Economist Lawrence Yun said “Although the economy is expected to continue to expand with around 2 million net new job creations, existing home sales are expected to see little expansion next year because of affordability tensions from rising mortgage rates and prices continuing to outpace income growth.  Yun also states that new affordable construction will be key in 2017.  “Some would-be sellers may be reluctant to move up or trade down – especially if they’ve refinanced in recent years.  That’s why it’s extremely necessary for homebuilders to step-up their production of homes catered to buyers in the affordable price range. Otherwise the nation’s low homeownership rate will struggle to shift higher in 2017.”

The report is in direct contravention to a Redfin report which projected that 2017 will be break 2016's record for sales.  Redfin also predicts that existing homes sales are will increase 2.8% in 2017 and inventory will recover to 1.7% year over year, after falling an estimated 3.4% in 2016.

With home sales to increase in 2017 we expect property management services in New York City to expand as well.  Blue Harbour Property Management manages properties in Bronx, Brooklyn, Queens and Manhattan and surrounding regions.  We tailor our services to maximize revenue potential for homeowners.  If you are in need of property management you can contact us at 718-845-1185 for a free consultation.

http://www.blueharbourpropertymanagement.com/home-sales-expected-expand-moderately-2017-buyer-enthusiasm-restrained/

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Sales Prices Increase in Upper East Side of Manhattan as Second Avenue Subway Line Opening Looms

The first three stations on the Second Avenue subway line should be opened by December 31, 2016.  The lines opening in the Upper East Side of Manhattan will be at East 72nd Street, East 86th Street and East 96th Street.  The long awaited subway lines which have been in discussion for over a century but finally began construction in 2007 will be a huge financial windfall for both property owners and businesses running along that line.  The project which is in the first phase has already cost $4.45 and is considered the first major expansion of the subway lines in more than a half century.

Recent reports have indicated that sales prices along the route has increased roughly 27% per year for the last 5 years.  The report also indicates that rental prices will soar a few hundred dollars per unit along the lines.  Many international clients seek to live in the area due to a reduced level of street activity and the quaintness of community.  It is uncertain to know what the renewed interest in the neighborhood will do the aesthetic.  Many believe that more restaurants will open and younger people will move into the area due to the ease of transportation.  Also developers will be looking into constructing new buildings in the area as well.  A recent report indicates that Mink Development is building a luxury condo building on East 96th Street and Second Avenue as one example.  The firm purchased the site, previously a parking garage, in 2014, for $24 million. They are knocking down the parking garage to construct a 75,000 s/f property that will have 48 units.

There clearly will will be new opportunities for NYC property management on the Upper East Side of Manhattan.  With the influx of new tenants as well as new developments there is a need for experienced property managers to serve the community and maintain its vitality.  Blue Harbour Property Management is a prominent NYC building management company that can fulfill the needs of both landlords and tenants.  If you are in need of property management feel free to contact us at 718-843-1185 or info@blueharbourpropertymanagement.com

http://www.blueharbourpropertymanagement.com/sales-prices-increase-along-second-avenue-subway-line-opened-end-year/

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Airbnb has decided to drop their lawsuit against the City of New York, the largest market for its operations with revenues exceeding 1 billion dollars in the city for its hosts.  Airbnb has had a huge impact on business specifically in Manhattan and Brooklyn.  The lawsuit was based on a law signed in October that called for fines of as much as $7,500 for illegally listing a property on rental platforms such as Airbnb.  The law would have imposed fines that would have hampered Airbnb's operations throughout the country and required additional supervision of listings being put on their website.  The lawsuit was dismissed on the agreement that New York City enforce the law only against hosts and Airbnb not be fined.  The settlement of the lawsuit goes into effect today December 5, 2016.   For more about the settlement you can read here.

NYC property management companies have vehemently objected to Airbnb taken hold in New York City. Specifically some landlords have been fined and violations imposed as a result of tenants illegally renting out their apartments to Airbnb'ers.  A recent case brought by Related exemplifies this.  In the particular instance, Related attempted to evict a rent-stabilized tenant who they discovered was renting the unit out on Airbnb for $649.00 per night.  The tenant was paying $6,670 for the unit on the market rent of $9,000.  Related sought and received an eviction.  The state appeals court held that tenants have no right to benefit from apartments that have rent restrictions.

Although there are no guarantees that this would stop illegal units cropping up throughout the city, it is certainly a positive step into deterring possible violators.  It will be interesting how the City will go about enforcing the law going forward but Assemblywoman Linda Rosenthal is optimistic that there will be a crackdown.   She states “I expect the city will now get down to the important business of enforcing the law against the serial lawbreakers on the site” who turn affordable housing intol illegal hotes. This is a win for everyone."

http://www.blueharbourpropertymanagement.com/airbnb-drops-suit-city-hosts-will-fined-instead/

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NYC cracking down on Landlords failing to fix Violations by Withholding Rent

The City of New York has finally had enough of landlords not fixing violations attributable to their buildings.  They have decided to take a legal measure not used since the Koch administration and withhold rents it pays for public assistance at the buildings in question.  The two landlords had a combined 239 violations of which 78 of those violations deemed "hazardous".

The landlords were among eight warned by City Hall and Public Advocate Letitia James in May to clean up their buildings or have their rent withheld.  The buildings are located in the Bronx and upper Manhattan.  The rest of the landlords decided to make the necessary repairs and were not penalized.  For more information on this click here.

The failure to cure violations on your property can become a major obstacle in profiting on your investment.  Although the above result appears to be an extreme case, you can see what the failure to upkeep your property can lead to.  In most cases, the choice of a reputable NYC property management company can assist you in fixing violations on your property.  The majority of property managers have software that can detect when violations have been assessed and can take actions to cure them.  In the alternative, choosing a property mangement company in New York City that has the expertise in preventing the violations can save you money and hassle in the long run.

Troubleshooting potential issues and having a long term strategy in place for preventative measures are some of the services that Blue Harbour Property Management provides.  If you are in need of a property management company that can assist with your troubled property, call us and we will meet with you and determine what is the best plan for the health of your property.

http://www.blueharbourpropertymanagement.com/nyc-cracking-landlords-failing-fix-violations-withholding-rent/

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Blue Harbour Property Management Opens New Office in Forest Hills, New York

Blue Harbour Property Management is proud to announce the opening of our Forest Hills, New York office.  CEO Jules Doodnath has been directing the property management office in South Ozone Park from its inception in 2013.  “The Forest Hills Office has been envisioned for some time for Blue Harbour Property Management as we would like to position ourselves in one of the hubs of commercial activity in Queens, New York” Mr. Doodnath commented.  Blue Harbour Property Management will maintain the expertise in small and medium sized rental units but will now be able to accommodate a plethora of bigger multi-family units throughout New York City.

Mr. Doodnath also says there’s no better time to open a new building management office than now. “There are many opportunities that exist in today’s market and opportunities will continue as our economy grows and institutional lenders create alternatives for the real estate investor to finance properties.  We are proud to service our clients and to continue to serve our community as well.”

The new office will be located at 118-35 Queens Boulevard in the Forest Hills Tower complex . For more information, contact Blue Harbour Property Management at 718-843-1185 or e-mail at info@blueharbourpropertymanagement.com.

With a combined 20 years of experience, Blue Harbour Property Management has excelled in giving our clients value. We are determined to excel in customer service for both our board members, residents and owners. Blue Harbour Property Managment facilitates owners reach their profit goals by using all methods available when overseeing properties.  We are a full service property management company serving Manhattan, Brooklyn, Bronx, Queens and the surrounding region.

http://www.blueharbourpropertymanagement.com/blue-harbour-property-management-opens-new-office-forest-hills/
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Finding a NYC Property Management Company that Cares as Much as You do

Finding a New York City property management company that cares about your rental as much as you do can be an arduous task.  Some companies may have so many rentals that they will concentrate on the higher value ones instead of looking at all their managed properties equally.  They may also value properties in a different borough that may be not where your property is located.  For instance, some property management companies will value their Manhattan apartments more than their units located in Brooklyn.  That is why doing the requisite research is very important when deciding on a building management company in NYC.  It may be a time- consuming task and you may vacillate on your decision but here are some factors you should look into when deciding on a manager:

Discussing the problems at your property and coming up with solutions: Although a property manager may not call you whenever there is an issue at the managed property there should be a certain protocol on when he or she could call the owner.  For instance, some property managers use a monetary value that authorization needs to be discussed.  At Blue Harbour Property Management we discuss any repair or expense that exceeds $500.  This allows the owner to be up to date with what we believe are intermediate level of repairs.  A good property should manager should call and discuss your options on how to resolve the issue.  It shouldn’t be that the building manager calls you when there is a catastrophic event that occurs at your property like Roof damage etc.

Discussing strategic improvements to maximize revenue: Good property managers shouldn’t just babysit your property.  They should be forward thinking and look at ways to improve the value of your property.  They should be concerned for instance about how much revenue the investor’s property in the Bronx is making and how much actual net profits they are receiving.  Thus, you should find someone that is always looking at making you the maximum amount of money.  Increasing rents, reducing costs and maximizing revenue should be words coming out of your property manager’s mouth all the time.

Always maintaining communication: Does your property manager answer your phone calls or promptly return your calls when they are missed? Are there check and balances at their office so calls don’t go un-answered.  Do you have the property manager’s cell phone number?  Can you text the manager?  Remember at the end of the day, it is your property and your property management company works for you and not the other way around.  You should be able to pick up the phone and ask questions about your investment.

If you are looking for a new NYC property management company that cares about your property as much you do, Blue Harbour Property Management is the right company for you.  If you have any questions about the services we provide you can contact us at 718-843-1185.

http://www.blueharbourpropertymanagement.com/finding-nyc-property-management-company-cares-much/
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